The federal government has constituted a sub-committee to evaluate the potential economic impact of the recent tariff measures announced by the United States government.
The decision followed a meeting of the Economic Management Team (EMT), chaired by Wale Edun, minister of finance and coordinating minister of the economy, according to a statement issued on Friday by Mohammed Manga, director of information and public relations at the ministry.
On April 2, US President Donald Trump announced sweeping global tariffs on all imports into the country, including Nigeria.
A few days later, Edun said Nigeria is well-positioned to withstand global trade disruptions, including the United States import tariffs.
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He said plans were underway for possible budget adjustment and prioritisation where possible.
To assess the impact of the tariffs, Manga said the EMT convened earlier in the week with key ministries and agencies to review the fiscal and macroeconomic implications of emerging global trade dynamics.
He said the EMT noted that while Nigeria’s major export — crude oil — has not been directly targeted by the new US tariffs, the policy shift has coincided with a dip in international oil prices, raising concern over potential revenue and budgetary pressures.
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“To support evidence-based policymaking, the EMT has established a sub-committee tasked with conducting a detailed review of the direct and indirect economic impacts of both the emerging tariff measures and the global commodity price shifts,” Manga said.
“The sub-committee includes representatives from the ministry of finance, ministry of budget and economic planning, (including budget office of the Federation), and the Central Bank of Nigeria (CBN).”
Manga also said the sub-committee has already held its inaugural meeting and is expected to present its findings to the full EMT without delay.
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